The Insurance Distribution Directive (“IDD”) intends to increase market transparency and strengthen customer protection.
The directive impacts all market players involved in the manufacturing and/or distribution of insurance products. To be compliant, manufacturers, intermediaries and third parties may have to review their distribution model but also embrace a new distribution culture.
This training session aims at making IDD requirements understandable for each and every employee, whatever their role within the company. We choose to approach the topic using the “client experience journey” as a basis to ease the understanding of how IDD impacts the daily responsibilities of the various departments and functions.
In order to complement your learning journey, please discover our Insurance curriculum.
Duration: 2h
Language: Available in English and French. The supporting material is only available in English.
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Objectives
By the end of this training, participants will be able to:
- describe the purpose and main objectives of IDD;
- apprehend the overall impact of the key requirements on their organisation;
- clearly understand the risks at stake if employees do not comply with their daily responsibilities;
- explain what IDD means, understand its impacts and how the organisation will comply.
Content
Product Oversight and Governance (POG)/ Product Distribution Agreements (PDA)
- Product design and target market
- Distribution channels
- Continued monitoring
- Product distribution arrangement
- Governance, monitoring and control
Remuneration
- The insurance ecosystem remuneration scheme
- The risks of conflicts of interest and detrimental impacts to customers
- The insurance policy costs and charges
- Governance, monitoring and control
The conflict of interests and detrimental impact to customers
- How to prevent and manage the risks
- Reporting to customers: alternative procedures
Distribution and client’s information
- Understand customers' demands and needs
- Understand the insurance product benefits, risks and costs
- Product suitability adequacy
- Reporting to customers: suitability and periodic statements
- Communication channel
- Advice
Training
- Appropriate knowledge and ability
- Training requirements per year
Target audience
- Professionals of the insurance/reinsurance industry
- Insurance and reinsurance intermediaries (brokers, agents...)
- Stakeholders involved in the insurance industry eco-system (e.g. asset managers, bankers...)
Our lead experts
This training is coordinated by Anthony Dault, Partner at PwC Luxembourg, and will be presented by insurance experts.
Anthony is a partner specialised in insurance/reinsurance and international tax structure, and is actively involved in PwC Luxembourg Reinsurance and Insurance Group (RIG), including the insurance and reinsurance regulatory team. Anthony has more than 20 years of experience serving several multinationals, subsidiaries of European and US registered companies reporting under IFRS or Lux GAAP in the insurance and reinsurance sector.
In the past years, Anthony has been involved in the development of the PwC Luxembourg insurance regulatory practice, with a strong focus on cross-border distribution as well as regulatory licencing projects.
In that context, he co-heads the IDD service offering of PwC Luxembourg, and is a member of the ACA IDD working group.
